Tilray Inc (NASDAQ:TLRY) is trading higher Friday morning after Jefferies upgraded and raised its price target on the stock.
What Happened: Jefferies analyst Owen Bennett upgraded Tilray from Underperform to Buy and raised his price target from $4.77 to $23. Bennett described the merger between Tilray and Aphria Inc (NASDAQ:APHA) as a "perfect match." The combined company will be a clear leader well-positioned to take market share in the Canadian cannabis market, he said.
Merger Closing: The companies announced the completion of the previously announced business combination on Monday. The combined company will operate as Tilray and continue trading under the ticker symbol "TLRY."
Related Link: Tilray, Aphria Close Merger, Create The 'New' Tilray
“Our focus now turns to execution on our highest return priorities including business integration and accelerating our global growth strategy," said Irwin Simon, chairman and CEO of Tilray.
Price Action: Tilray traded as high as $67 and as low as $4.41 over a 52-week period. At last check Friday, the stock was up 14.30% at $16.17.